Saturday, November 23, 2013

Alabama Technology Businesses Get Funding Through Launchpad Program

Small businesses in the technology industry got a boost recently from a program in Alabama called the Launchpad program. Launchpad was introduced by the Economic Development Partnership of Alabama Foundation, and it's purpose is to help technology entrepreneurs obtain federal research grants.

Startup companies in the technology industry often struggle to get started. The new pilot program works with them to improve their chances of getting a grant from the federal government so they can take their research to the commercialization stage. Small Business Innovation Research and Small Business Technology Transfer grants offered through the U.S. Small Business Administration (SBA) are difficult to get. Only about 14 percent of those who apply are actually awarded a grant. This makes the new program extremely important to entrepreneurs.
Eligible businesses must be new, independent ventures in the startup or early-growth stages, or for existing businesses who want to expand into new high-growth markets. Companies must also exist or plan to open their business in Alabama and maintain the company headquarters and primary business operations in the state for five years.

Alabama Launchpad is offered through the Economic Development Partnership of Alabama Foundation, a non-profit organization. By working with Alabama universities, the organization helps start-up technology companies find investors and service providers to help develop their businesses.